Arvind SmartSpaces Limited (ASL), one of the India's leading real estate development company today announced that it's 100% wholly owned subsidiary Arvind Homes Pvt. Ltd. has launched and sold the entire 1st phase of its residential plotting project, Arvind Greatlands in Devanahalli, Bengaluru on November 26, 2022. The first phase of this project, comprising of 400 plots with a saleable area of ~0.57 million sq. ft. amounting to a booking value of more than Rs. 200 Crore, was sold out in 10 hours.
This project marked ASL's entry into the plotted development segment in Bengaluru. 50 acres of the project was originally acquired under HDFC Platform 1 wherein HDFC has invested INR 50 crore. Further, ASL has acquired 18 acres on an outright basis adjacent to this project with a potential to expand the same further. Arvind Greatlands offers excellent infrastructure with RCC roads in the entire development and also houses an executive Golf Course. Arvind Greatlands customers will also get a membership of Monogram Resort - Devenahalli offering various amenities including gymnasium, rooftop infinity pool, indoor games room, table tennis, jogging track, badminton court, spa, library, restaurant, executive business centre, multimedia theatre, discotheque, and yoga pavilion.
Devanahalli is an established residential plotting location which is near the Bengaluru Airport. The micro-market is also home to major economic hubs such as Aerospace SEZ and KIADB IT Park. This location enjoys excellent infrastructure connectivity which will be further enhanced by the upcoming Metro.
Arvind SmartSpaces entered the Bengaluru market in 2013 and has until now added 10 projects across the region with 4 projects having already been delivered and 6 in various stages of development/launches.
Commenting on successful launch, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, "We are thrilled to have received this strong vote of confidence from our customers in Bengaluru. Our focus is to live up to their expectations by successfully delivering an outstanding project. This overwhelming response from customers is testament to the brand equity of Arvind, powerful sales ecosystem of ASL and execution track record. The runway success of Arvind Greatlands gains further significance as Bengaluru market is critical part of our growth strategy and we look forward to create further milestones in the city."
Shares of Arvind SmartSpaces Limited was last trading in BSE at Rs. 273.90 as compared to the previous close of Rs. 260.10. The total number of shares traded during the day was 12230 in over 557 trades.
The stock hit an intraday high of Rs. 282.75 and intraday low of 259.90. The net turnover during the day was Rs. 3336222.00.